Markets spent the previous week digesting the macro data posted two weeks ago. BTC was holding firmly around $115K, while the new Presidential order in the U.S. pushed the price of BTC a bit higher from the support line. Namely, the U.S. President ordered the 401(k) retirement plans to include a wider range of investments, including cryptocurrencies. The highest weekly level was reached on this news, at $117,8K, however, the $118K resistance has not been tested on this occasion.
The RSI continues to move above the level of 50, indicating that the market is still eyeing the overbought market side. The MA50 continues to diverge from MA200, without an indication that the change of course might happen anytime soon. Furthermore, the daily lows found its support levels at MA50.
Charts are showing a clear potential for BTC to move further to the upside, but at this moment, it is not happening. Whether it will happen in the week ahead, it is to be seen. Prevailed current sentiment among investors, marked with high concerns regarding the impact of tariffs on the future of the US economy, and potential increase in inflation, are stopping them from further investments at this moment. It is just a precaution at this time on markets. In the week ahead US inflation data are set for a release, in which sense, some higher volatility might be in store. In case that inflation data surprise the market, a further correction on financial markets as well as in the price of BTC might occur. BTC might shortly drop again toward the $112K. In case that there are no surprises, charts are pointing on probability for $120K, after the $118K is tested.
The RSI continues to move above the level of 50, indicating that the market is still eyeing the overbought market side. The MA50 continues to diverge from MA200, without an indication that the change of course might happen anytime soon. Furthermore, the daily lows found its support levels at MA50.
Charts are showing a clear potential for BTC to move further to the upside, but at this moment, it is not happening. Whether it will happen in the week ahead, it is to be seen. Prevailed current sentiment among investors, marked with high concerns regarding the impact of tariffs on the future of the US economy, and potential increase in inflation, are stopping them from further investments at this moment. It is just a precaution at this time on markets. In the week ahead US inflation data are set for a release, in which sense, some higher volatility might be in store. In case that inflation data surprise the market, a further correction on financial markets as well as in the price of BTC might occur. BTC might shortly drop again toward the $112K. In case that there are no surprises, charts are pointing on probability for $120K, after the $118K is tested.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.